REDWOOD CITY, Calif., Jan. 22, 2020 (GLOBE NEWSWIRE) — Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, announced today that it is finalizing its FDA filing for its next generation, advanced ECG analysis software with an expectation to file a 510(k) clearance application with the US FDA by end of February 2020.
The global remote patient monitoring market is expected to reach $1.8 billion by 2026, and with this growth comes the inevitable deluge of data that will threaten to inundate healthcare professionals with a surplus of information, much of which will be non-actionable biometric data, wasting valuable time and resources.
Today, traditional ECG monitoring requires significant human oversight to review and sift through incoming patient data for the purposes of determining which data is actionable and relevant. As such, it is imperative for biotechnology companies to build software that can analyze and synthesize this data with the purpose of distilling it down to the important information that requires clinical intervention.
Biotricity’s new ECG Analysis Software is purposefully engineered to improve analytic performance and identify anomalies by parsing through data trends and pinpointing information from which actionable insights can be gleaned. When fully cleared and implemented, the new software will significantly reduce the current human capital requirements for such tasks, reducing analysis time from 5 minutes to 30 seconds. This tenfold improvement will allow the company to divert valuable human resources to more high-level operations.
“Our advanced software is going to drive scalability up while driving costs down,” said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “Our software will preclude the ongoing challenges that many healthcare professionals face when it comes to a surplus of patient data – with our technology, we will be able to improve data analytics so that doctors can benefit from receiving patient information that actually requires their attention and intervention.”
The Company’s flagship product, Bioflux®, is a complete solution for cardiac monitoring and diagnosis, consisting of the Bioflux® device, proprietary software, and a 24/7 monitoring center that merges seamlessly with physicians’ existing platforms and workflows. Unlike traditional cardiac monitoring solutions, Bioflux® extends the support a patient receives at a care facility into the patient’s home. The device monitors a patient’s ECG in near real-time, constantly analyzing and collecting data on the device and periodically uploading to the cloud via embedded cellular technology. In cases where anomalies or emergencies are detected, the data is transferred to a call center for appropriate action.
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About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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